I've been gaming since the 80s. Read every single magazine, and I've been in a lot of forums over the years. Never heard anyone complaining about being offended about Punch Out. I've heard people talking about the stereotypes, yes. And asking themselves if they are offensive, yes.
I remember when Nintendo showed the Mario Odyssey boxart that had Mario with a sombrero, a bunch of people were like "OMG ISN'T THAT RACIST"? Turns out it was only certain people looking to get offended on behalf of others because lots of Mexicans on social made actually loved seeing Mario with a sombrero. Nintendo ended up removing sombrero Mario from the boxart due to that. And by the way, I'm Latino.
This thing about getting easily offended and outraged over small things is actually something that happens predominantly in the USA. The rest of the world doesn't throw a fit because it shows a French guy liking croissants, or a Mexican with a wrestler mask. If a new Punch Out is offensive to the current US gaming climate, then the game can skip US release and it can release in the rest of the world just fine and no one will mind the silly stereotypes.